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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • GBPUSD Elliott Wave Analysis: Corrective Retracement From 1.6995 0 comments
    Jun 9, 2014 4:04 AM

    GBPUSD traded higher last week and made an overlap with 1.6810 which means that any bearish impulse wave count has been invalidated. As such, we are now observing a new, bullish interpretation because reversal from around 1.6995 can be counted as a double zigzag. Notice that price also found a support a week back around the lower support line of a trading channel. This usually occurs at the end of a corrective move, so if we see a rally back above the upper channel resistance line we should seriously consider the bullish case. However, a break and daily close above the upper trend line is needed to confirm further strength.

    GBPUSD 4h Elliott Wave Analysis

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